Will Social Security Last Until I Retire?
One question we get often during the financial planning process is, will Social Security still be around when I’m ready to retire? The answer is most likely, yes. Social Security is set up to where about 75% of payments are paid from the people who are currently working. However, there are more people retired than people working, so there’s about a 25% deficit every year. When more people were working versus retired, there was a surplus fund set up to handle that. That surplus fund has been borrowed from and not repaid, therefore it’s going to run out by the 2033-2034 time frame. There are many different options that people have come up with to solve the Social Security issue. Click here to use this interactive calculator to play around with different scenarios for solving Social Security.
Casey Smith
President, Wiser Wealth Management
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